British Columbia-> Personal Tax Credits -> BC First-Time New Home Buyers' Bonus
BC First-Time New Home Buyers' Bonus - Refundable
This was a temporary tax credit, which was available for new home purchases from February 21, 2012 to March 31, 2013. It was a one-time refundable personal income tax credit worth up to $10,000.
You will qualify as a first-time new home buyer if
Eligible new home
An eligible new home includes newly constructed and substantially renovated homes where HST is payable. The home can be purchased from a builder or owner built. The written agreement of purchase and sale must be entered into on or after February 1, 2012, with ownership or possession transfer before April 1, 2013, or for owner-built homes, with construction of the home complete, or the home occupied, before April 1, 2013. To qualify, no one else may have claimed a bonus in respect of the home.
The bonus is equal to 5% of the purchase price of the home, or in the case of owner-built homes, 5% of the land and construction costs subject to HST, to a maximum of $10,000.
The bonus will be phased-out for higher income earners, based on an individual's/couple's net income on line 236 of the income tax return, using the following formula:
The refundable tax credit is not claimed when the personal tax return is filed. Application must be made to the BC Ministry of Finance to receive the bonus. Forms are available on the Ministry of Finance web page BC First-Time New Home Buyers' Bonus Forms and Guides and New Home Buyers' Bonus.
Revised: December 22, 2016
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